President Trump said Friday he will impose an additional 100% tariff on imports from China starting next month — marking a significant escalation in the U.S.-China trade war.

Economist and long-time Bitcoin (BTC) critic Peter Schiff reignited his warnings against cryptocurrency after the market experienced a sharp decline following U.S. President Donald Trump’s announcement of new tariffs on Chinese goods.

US stocks surged on Monday, bouncing back from Friday's rout after President Trump played down the escalating US trade standoff with China, saying it "will all be fine!" Stocks are set to recoup some of Friday's hefty losses after Trump dialed back his Friday threat to impose an additional 100% tariff on Chinese goods from Nov.

President Donald Trump announced Friday he would implement new 100% tariffs on imports from China starting next month in response to what he called "aggressive" moves by China regarding export controls. In a social media post, Trump said the new tariffs would take effect Nov. 1.

President Donald Trump reiterated his plan to hit China with a 100% tariff but also said there was an “eternity” until the Nov. 1 deadline for the tariff imposition.

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The administration has claimed foreign countries would one the ones paying for the president’s sweeping tariffs.

Stocks in the United States recovered from their worst decline in months, after President Trump softened his tariff threat on China. But markets in Asia dropped.